{"id":33409,"date":"2023-11-09T16:53:11","date_gmt":"2023-11-09T16:53:11","guid":{"rendered":"https:\/\/isafespend.com\/news\/virgin-galactic-stock-surges-30-after-announcing-plan-for-cost-savings\/"},"modified":"2023-11-09T16:53:13","modified_gmt":"2023-11-09T16:53:13","slug":"virgin-galactic-stock-surges-30-after-announcing-plan-for-cost-savings","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=33409","title":{"rendered":"Virgin Galactic stock surges 30% after announcing plan for cost savings"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Virgin Galactic<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> plans to pause spaceflight operations next year to focus resources on developing its next-generation Delta-class spacecraft, the company announced Wednesday.<\/p>\n<p>Shares of Virgin Galactic surged as much as 30% in heavy trading volume on Thursday from its previous close at $1.56 a share. As of Wednesday the stock had fallen 55% year to date.<\/p>\n<p>Although Virgin Galactic has been flying commercial missions at a monthly rate since June, the space tourism company will reduce the rate its VSS Unity spacecraft is flying to a quarter rate, before pausing &#8220;in mid-2024&#8221; to focus resources on final assembly of new Delta ships, the company said in its third-quarter results.<\/p>\n<p>Virgin Galactic laid off about 185 employees on Tuesday, or about 18% of its workforce, in order &#8220;to decrease its costs and strategically realign its resources.&#8221; The reduction brings Virgin Galactic&#8217;s total headcount to 840 employees and is expected to generate about $25 million in annual cost savings.<\/p>\n<p>The space tourism company posted a net loss of $104.6 million, or 28 cents a share, compared with a loss of 43 cents a share expected, according to analysts surveyed by LSEG, formerly known as Refinitiv.<\/p>\n<p>Virgin Galactic generated $1.7 million in revenue during the quarter \u2013 up from $767,000 a year prior. Earlier this month Virgin Galactic completed its fifth commercial spaceflight.<\/p>\n<div class=\"ArticleBody-blockquote\">\n<p><em>Sign up here to receive weekly editions of CNBC&#8217;s Investing in Space newsletter<\/em><em>.<\/em><\/p>\n<\/div>\n<p>The company has been spending heavily to expand its fleet beyond the current sole VSS Unity spacecraft. Virgin Galactic is developing its Delta-class spacecraft to fly at an improved weekly rate. The company aims to open a new factory by mid-2024 in Phoenix for Delta production.<\/p>\n<p>&#8220;We forecast having sufficient capital to bring our first two Delta ships into service and achieve positive cash flow in 2026,&#8221; Virgin Galactic CEO Michael Colglazier said in a statement.<\/p>\n<p>Virgin Galactic had cash and securities totaling $1.1 billion at the end of the quarter.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/08\/virgin-galactic-spce-q3-earnings-report.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Virgin Galactic plans to pause spaceflight operations next year to focus resources on developing its next-generation Delta-class spacecraft, the company announced Wednesday. Shares of Virgin Galactic surged as much as 30% in heavy trading volume on Thursday from its previous close at $1.56 a share. As of Wednesday the stock had fallen 55% year to<\/p>\n","protected":false},"author":1,"featured_media":33410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-33409","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Virgin Galactic stock surges 30% after announcing plan for cost savings | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Virgin Galactic plans to pause spaceflight operations next year to focus resources on developing its next-generation Delta-class spacecraft, the company\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=33409\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virgin Galactic stock surges 30% after announcing plan for cost savings | iSafeSpend\" \/>\n<meta property=\"og:description\" content=\"Virgin Galactic plans to pause spaceflight operations next year to focus resources on developing its next-generation Delta-class spacecraft, the company\" \/>\n<meta property=\"og:url\" content=\"https:\/\/isafespend.com\/?p=33409\" \/>\n<meta property=\"og:site_name\" content=\"iSafeSpend\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-09T16:53:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-09T16:53:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/11\/107259950-1687346121009-Unity_25_Spaceship_Selects13.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/isafespend.com\/?p=33409#article\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/?p=33409\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\"},\"headline\":\"Virgin Galactic stock surges 30% after announcing plan for cost savings\",\"datePublished\":\"2023-11-09T16:53:11+00:00\",\"dateModified\":\"2023-11-09T16:53:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/isafespend.com\/?p=33409\"},\"wordCount\":326,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/isafespend.com\/?p=33409#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/isafespend.com\/?p=33409\",\"url\":\"https:\/\/isafespend.com\/?p=33409\",\"name\":\"Virgin Galactic stock surges 30% after announcing plan for cost savings | iSafeSpend\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/#website\"},\"datePublished\":\"2023-11-09T16:53:11+00:00\",\"dateModified\":\"2023-11-09T16:53:13+00:00\",\"description\":\"Virgin Galactic plans to pause spaceflight operations next year to focus resources on developing its next-generation Delta-class spacecraft, the company\",\"breadcrumb\":{\"@id\":\"https:\/\/isafespend.com\/?p=33409#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/isafespend.com\/?p=33409\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/isafespend.com\/?p=33409#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/isafespend.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Virgin Galactic stock surges 30% after announcing plan for cost savings\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/isafespend.com\/#website\",\"url\":\"https:\/\/isafespend.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/isafespend.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/isafespend.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/isafespend.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/isafespend.com\"],\"url\":\"https:\/\/isafespend.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Virgin Galactic stock surges 30% after announcing plan for cost savings | iSafeSpend","description":"Virgin Galactic plans to pause spaceflight operations next year to focus resources on developing its next-generation Delta-class spacecraft, the company","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/isafespend.com\/?p=33409","og_locale":"en_US","og_type":"article","og_title":"Virgin Galactic stock surges 30% after announcing plan for cost savings | iSafeSpend","og_description":"Virgin Galactic plans to pause spaceflight operations next year to focus resources on developing its next-generation Delta-class spacecraft, the company","og_url":"https:\/\/isafespend.com\/?p=33409","og_site_name":"iSafeSpend","article_published_time":"2023-11-09T16:53:11+00:00","article_modified_time":"2023-11-09T16:53:13+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/11\/107259950-1687346121009-Unity_25_Spaceship_Selects13.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/isafespend.com\/?p=33409#article","isPartOf":{"@id":"https:\/\/isafespend.com\/?p=33409"},"author":{"name":"News Room","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf"},"headline":"Virgin Galactic stock surges 30% after announcing plan for cost savings","datePublished":"2023-11-09T16:53:11+00:00","dateModified":"2023-11-09T16:53:13+00:00","mainEntityOfPage":{"@id":"https:\/\/isafespend.com\/?p=33409"},"wordCount":326,"commentCount":0,"publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/isafespend.com\/?p=33409#respond"]}]},{"@type":"WebPage","@id":"https:\/\/isafespend.com\/?p=33409","url":"https:\/\/isafespend.com\/?p=33409","name":"Virgin Galactic stock surges 30% after announcing plan for cost savings | iSafeSpend","isPartOf":{"@id":"https:\/\/isafespend.com\/#website"},"datePublished":"2023-11-09T16:53:11+00:00","dateModified":"2023-11-09T16:53:13+00:00","description":"Virgin Galactic plans to pause spaceflight operations next year to focus resources on developing its next-generation Delta-class spacecraft, the company","breadcrumb":{"@id":"https:\/\/isafespend.com\/?p=33409#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/isafespend.com\/?p=33409"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/isafespend.com\/?p=33409#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/isafespend.com\/"},{"@type":"ListItem","position":2,"name":"Virgin Galactic stock surges 30% after announcing plan for cost savings"}]},{"@type":"WebSite","@id":"https:\/\/isafespend.com\/#website","url":"https:\/\/isafespend.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/isafespend.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/isafespend.com\/#organization","name":"Solutions For Real","url":"https:\/\/isafespend.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/person\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/isafespend.com"],"url":"https:\/\/isafespend.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/33409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33409"}],"version-history":[{"count":1,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/33409\/revisions"}],"predecessor-version":[{"id":33411,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/33409\/revisions\/33411"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/media\/33410"}],"wp:attachment":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}